Johannesburg - South Africa's biggest property group Growthpoint Properties [JSE:GRT] and the government pension fund have paid R9.7bn for the V&A Waterfront, a mixed-use property development that is one of the country's major tourist attractions.
Growthpoint said it and the Public Investment Corporation (PIC) would pay a combined R9.7bn for 50% each in the Cape Town development, which include hotels, offices and stores.
The PIC is the pension fund for South African government employees and manages more than R800bn in assets.
The V&A Waterfront, which attracts as many as 21 million tourists a year, is majority-owned by UK-based London & Regional Properties and Dubai-based investment firm Dubai World.
Growthpoint said it and the Public Investment Corporation (PIC) would pay a combined R9.7bn for 50% each in the Cape Town development, which include hotels, offices and stores.
The PIC is the pension fund for South African government employees and manages more than R800bn in assets.
The V&A Waterfront, which attracts as many as 21 million tourists a year, is majority-owned by UK-based London & Regional Properties and Dubai-based investment firm Dubai World.